Where did the Metaverse originate from?
The origin of the concept of the metaverse was a visionary novel written by Neal Stephenson in 1992 named “Snow Crash”. This novel is now credited for influencing the thinking of tech giants such as Mark Zuckerberg, Jeff Bezos, and Sergey Brin.
In the novel, the main character, Hiro Protagonist, lives in a storage room six by nine meters and has no memory of his past life. Although it’s difficult to imagine that a virtual environment could exist outside of our physical universe, we can imagine that we’d be living in one in the real world.
The word ‘metaverse’
The word “metaverse” comes from two words that are related to one another. The word “meta” comes from the Greek word meaning “universe.”
The metaverse is a network of massively scaled virtual worlds that can be experienced by virtually any number of users. By allowing multiple users to experience the same world at the same time, the metaverse can help users experience continuity in their data, identity, history, and other information. By the end of the day, it’s possible to live in a virtual world that can provide all of these benefits.
Is metaverse the Same as Virtual Reality?
In the novel, the metaverse was an almost 3D virtual space. This isn’t merely a virtual reality game – this is a shared virtual space that persists and carries on. Or, the metaverse resembles countless virtual worlds that appear connected to one another and are virtually impossible to predict.
Before Metaverse …?
While the concept of the metaverse is still relatively new, its roots go back to the early 20th century. In fact, devices based on virtual reality helped lay the foundation for the World Wide Web. Parallel worlds have developed online where millions of people can interact, socialize, and work together.
Currently, the idea of a virtual world based on the internet is still a relatively new concept. It has become a reality in some sense. The idea of a metaverse isn’t just a dream. It is a practical reality that is a reality in the real world.
Extended Reality (XR) | Technology Behind Metaverse
Extended Reality is a term used in describing the virtual and real-world interaction between humans and machines generated through computer technology and wearable devices, where it combines the digital and physical world.
In fact, Extended Reality (XR) is an umbrella term combining virtual reality (VR) with Augmented Reality / Mixed Reality (AR / MR). However, XR’s technology provides the same basic technologies for AR and VR to give users the same immersive experience. XR is now being adopted across several industries such as retail, medical, healthcare, education, manufacturing, and automobiles.
Modern explorers define metaverses as encompassing the whole. Generally speaking, people consider the metaverse an internet experience based on numerous unique technologies. According to Mark Zuckerberg, Facebook wants to introduce the Metaverse as an embodied internet. You can get this in a VR or AR environment.
One major potential for the metaverse is a new and improved economic system. The digital native and traditional brands have already begun to interact through virtual augmented reality – from virtual to digital. Fashion retailers took an unprecedented leap to the Metaverse recently. Burberry collaborates with Elle Digital in the United Kingdom and Japan to enable the customer access to a digital edition of a store online.
GlobalWebIndex indicates that AR users are the largest age group with an average age between 16 and 34. 70% say XR has significant positive effects on life expectancy. Approximately half a billion Americans will be interested in retail stores implementing AR/VR devices. Nonetheless, less than a third said they would be interested in VR or AR within three months.
The evolution of Digital Economies
As virtual and real worlds become increasingly connected, there may be a large opportunity to evolve the Metaverse digital economy. As the Internet becomes more popular, it is likely that more “virtual products” gain interest and attention. Purchasing an expensive designer gown might be paired with digital twins that can be worn as a virtual avatar. Similarly, purchasing online can influence our own physical belongings and our possessions.
Extended Reality & Metaverse Trends: Technology and Market Overview
In recent years, the augmented reality and virtual reality markets have expanded rapidly. The technology merged into the XR framework bringing together the full suite of digital headsets, smartphones, and other wearables in an ever-expanding array of applications. Despite the rapid technological change that took effect between 2020 and 2025, technology growth has been relatively steady. All was moving quickly after Facebook changed its name to Meta.
MARKET TRENDS for XR, AR & VR
MarketsandMarkets and Mordor Intelligence report suggests slightly more dynamic growth scenarios for XR markets. They both agree that Extended Reality Markets are rapidly developing. The value of the XR markets is predicted for 2020 to reach $30 billion. Nevertheless, the CAGR is positive. The report reveals how different market valuations will fluctuate in 2021 between a conservative $463.8 and a more positive $454.7 billion.
The report revealed that 80% think XR is crucial when it comes to employees. In fact, the United States government is planning to invest at least $11bn in augmented virtual and mixed-reality education by 2022. The North American market holds the largest XR market. Increasing the number of uses for XR will increase its usability. Nonetheless, its rate of growth has remained very high throughout the region.
Mordor has said the AR-MR market will grow by 45.6% between 2020 and 2025 by 2020. AR/MR Software Developments’ Values will surpass $32 billion by 2026. It is estimated the AR industry is valued at approximately $3bn. Virtual content in our daily life is gaining popularity as a result. Many users are familiar with AR applications using apps like Instagram, Facebook or Snapchat.
According to Statistica, AR – VR will reach $297 billion by 2024. In 2020 the VR device sales were 14.48 million and is expected to increase 33.85% over the forecast periods 2021-2026 by 2020.
Is Metaverse Sustainable?
The metaverse offers many amazing opportunities in the future. Some experts believe this will create new possibilities for businesses, new employment, and new ways to connect. Unlike all technologies, the metaverse requires careful analysis and implementation for sustainable use.